Northstar Asset Management Inc. bought a new position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 136,572 shares of the information services provider’s stock, valued at approximately $12,050,000. Alphabet makes up approximately 4.0% of Northstar Asset Management Inc.’s portfolio, making the stock its 8th biggest holding.
Several other hedge funds have also added to or reduced their stakes in GOOGL. Vanguard Group Inc. lifted its holdings in shares of Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp lifted its holdings in Alphabet by 1,900.6% in the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after acquiring an additional 206,300,042 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Alphabet by 1,759.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after acquiring an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Alphabet by 1,955.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock valued at $5,847,474,000 after acquiring an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Alphabet by 1,896.9% in the third quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock valued at $5,553,529,000 after acquiring an additional 55,153,448 shares during the period. 34.06% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on GOOGL. Bank of America increased their target price on Alphabet from $125.00 to $128.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Sanford C. Bernstein reduced their price target on Alphabet from $130.00 to $125.00 and set an “outperform” rating for the company in a research report on Thursday, April 20th. KeyCorp reduced their price target on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research report on Monday, January 30th. Rosenblatt Securities reduced their price target on Alphabet from $130.00 to $128.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. Finally, JMP Securities restated a “market outperform” rating and issued a $132.00 price target on shares of Alphabet in a research report on Thursday, March 16th. Three equities research analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $130.06.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. The business had revenue of $69.79 billion during the quarter, compared to analyst estimates of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same period in the prior year, the business earned $1.23 earnings per share. On average, analysts expect that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.
Insider Activity
In related news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total value of $3,349,931.34. Following the transaction, the senior vice president now directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total value of $3,349,931.34. Following the transaction, the senior vice president now directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 37,500 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $100.00, for a total value of $3,750,000.00. Following the transaction, the director now owns 144,740 shares in the company, valued at $14,474,000. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 732,217 shares of company stock worth $21,135,371 and sold 326,208 shares worth $16,803,119. Company insiders own 11.44% of the company’s stock.
About Alphabet
Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.
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